The IASB had previously set an implementation date of January 1, 2017 for its new revenue recognition standard. The Journal of Accountancy is reporting that the IASB is seeking feedback on a delay of the effective date to January 1, 2018. Early application would be permitted.
From the Journal of Accountancy:
Upon issuing the standard jointly with FASB in May 2014, the IASB set an effective date of Jan. 1, 2017. But discussions of implementation difficulties with the boards’ joint transition resource group have led the boards to decide to propose targeted amendments to assist financial statement preparers in implementation.
The discussion led the boards to propose the delay; the IASB’s new effective date for IFRS 15, Revenue From Contracts With Customers, would be Jan. 1, 2018, if the delay is approved. Early application would be permitted.
The IASB is seeking comments on the proposed delay. Comments, which are due July 3, can be submitted at the IFRS website. Feedback is scheduled to be considered at the IASB’s meeting in July, when the board plans to decide whether to change the effective date.
In addition, the IASB plans to issue an exposure draft of targeted amendments to the revenue recognition standard, which will include clarifying some of its requirements and adding illustrative examples to assist implementation.